South Korean Finance Minister Choi Sang-mok said on Thursday that the country is ready to take market stabilization measures if necessary, after the United States Federal Reserve cut its interest rates for the first time in over four years, Yonhap reported.
"Following the Fed's monetary policy pivot, the market is moving away from a complex global crisis, which was triggered by excessive liquidity supplied to cope with the pandemic as well as shock to the global supply chain caused by the war between Russia and Ukraine," Choi said. He added that the government will operate a monitoring system on the global market amid "lingering overseas uncertainties" and implement "contingency plans" when needed.
"On the back of the transition in the monetary policies of major countries, the government will also speed up efforts to revitalize domestic consumption and stabilize the livelihoods of the people," Choi said.
